TGIF and a tidbit

La panique continue.

That's how the French would say, "The panic continues." The rich are pulling out of their stupid hedge fund "investments" worldwide. All those funds of funds and feeder funds in Europe got exposed as shams of "due negligence" by Madoff's ponzi scam. Don't be unduly Americo-centric in thinking about this stock market collapse. A lot or even most of the selling is in Europe. But because of the common 90 day notice provisions, most of the hedge fund liquidations will soon be over.

Obama needs to get going on his TALF plans and show more leadership. He's being pushed around by Nancy and her gang who clutter these plans and bills with sophomoric restrictions that prevent progress.

Wal-Mart raised its dividend yesterday.

Le détail le plus croustillant (aka the tidbit, literally the crispiest or spiciest detail)

Copper prices confirm the breakout from a multi-month base this morning. Prices for May high grade copper are around $1.70/lb this morning. Why? Can China really be recovering?

Word of the Day

"Anfractious" - adjective [$10 and $100]; a Mrs. B word.
Anfractious means 1. characterized by windings and turnings; sinuous; circuitous; 2. tortuous, unnecessarily complicated by twist and turns.
Sentence: Nancy [Pelosi] and her strident gang of nitpickers are ruining good plans to aid homeowners by festooning them with complex rules to ensure "fairness". Last summer's trumpeted mortgage relief law is a perfect example of an anfractious law the ended up helping no one.

Le Mot du Jour

"Dirigeant, e" - noun, M, F and adjective.
Dirigeant means (noun) 1. leader (of a party, union, nation), 2. ruler (= monarch, dictator); 3. ( __ d'enterprise) company director, company manager.
La Phrase: La plupart de dirigeants d'enterprises est payée trop.
Sentence: Most company managers are paid too much.